Articles Posted in Real Estate

A will can be a valuable component of any estate plan since it helps expedite the probate process. By making your last wishes known, you’ll make it easier for the court to make sure your property is divided appropriately. However, there are some items that really don’t belong on your will, either because they’d complicate the disposition of your estate or because it’s simply unnecessary to mention them.

Here, we’ll look at a number of items that you typically should not put on your will.

Anything with a Named Beneficiary

Owning a multifamily rental property can be a profitable investment, but it also presents a significant liability if it’s mismanaged. It’s important to adhere to all applicable laws, including those pertaining to the rights of your tenants. By following best practices, you can not only protect yourself from losing lawsuits, but avoid most of them entirely.

1. Set Up Recordkeeping from the Start

First of all, it’s important to keep thorough records on the financial and practical aspects of your property. Some of the documents that either you or a designated property manager should keep up to date include:

Between the lower interest rates, government bailouts, and economic challenges present during the current pandemic, real estate investing is likely to be heavily impacted, at least during the short term. In some cases, real estate investors may find themselves with unexpected opportunities, while other scenarios present difficulties.

While it’s not totally clear exactly how investment properties will be affected as yet, there are some likely changes that will occur.

Consequences for Rental Properties

The COVID-19 outbreak has affected everyone, including landlords and their tenants. During this time, it’s important for both to know their rights and follow the laws governing landlord-tenant relationships, including the temporary restrictions currently in place.

If you own or operate rental property, it’s important to make sure you stay well within legal requirements and guidelines. Otherwise, you expose yourself to lawsuits.

The Economic Situation for Renters and Landlords

Real estate investors may at times find themselves looking at properties that meet their requirements in all but one aspect—zoning. The zoning laws that apply to a given piece of property can restrict what you do with it, and it may be tempting to try to rezone it.

Here, we’ll go over the factors to consider before trying to rezone a property.

The Rezoning Process – Factors to Consider

While Illinois doesn’t have any strict legal requirement to have an attorney present during real estate closings, hiring one is still a good idea. A real estate attorney helps you throughout the process of buying or selling real estate by:

  • Preparing and reviewing documents
  • Handling disputes

Real estate transactions involve many details and moving parts, including house purchase agreements. Whether you’re buying or selling, you’ll have to keep those details in mind, including the overall condition of the building. For this reason, a home inspection will typically be needed.

Given the fees and costs associated with the process, many people may wonder whether a home inspection is actually necessary. The short answer is that it is, but it can get a little more involved than that.

Strict Requirements

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Whether you are an experienced real estate investor or just getting your feet wet, there are many ways to turn a profit. Some of these ways are long-term, while others result in quick revenue. The approaches you choose will depend on your experience, resources, and objectives with respect to real estate investing.

Buy and Hold

One common strategy for real estate investment is buying and holding property. This is done with rental property—you purchase a house or multi-family unit and lease it out to tenants. This can bring in a great deal of revenue, but it also has its own associated expenses. You take on numerous responsibilities, such as keeping the property maintained, as well as a certain amount of liability, such as making sure tenants don’t diminish the property’s value overmuch.

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When you own real property, there will arise certain difficulties over the years, and it’s important to be prepared to deal with them. These often take the form of property disputes, which may be between you and a neighbor, but could also involve contractual and title issues, such as when you’re purchasing a property.

We’ll go over some of the most common property disputes and discuss how to handle them.

Title and Boundary Disputes

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Commercial real estate transactions are highly complex processes involving large amounts of negotiation. The purchase contracts involved in these transactions are often highly detailed, and they vary significantly from property to property. What may be the case for one property may not be the same for another.

In addition, the parties involved in the transaction vary as well, and that can have a large impact on how the contract looks by the end. If there’s an imbalance of power, for instance, one side may get what it wants while the other has to deal with the consequences.

Regardless of the circumstances, there are several keys to drafting an effective commercial real estate contract.

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